E-commerce firm Africa Internet Holdings (AIH) has launched its peer-to-peer lending service, Lendico, which serves as digital alternative to banks and enables investors to directly fund the loans of private individuals.
The NCR-approved Lendico was initially launched in Germany in December 2013 and later in Spain, Poland and Austria. It offers cheap loans for borrowers and good returns for investors.
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Lendico works when people with money invest in the projects of people looking for funds. This enables Lendico to skip bank prices and pass the savings directly on borrowers and investors.
AIH co-founder, Jeremy Hodara, said they have high standards when it comes to selecting borrowers, because they always have the interests of their investors in mind.
"Due to our cost advantage, Lendico can offer more affordable interest rates and smaller loan sums that for banks usually are not worthwhile," Hodara added.
Lendico co-founder and managing director, Dominik Steinkühler, said Lendico has been developed as a digital alternative to banks and is very different from a bank as borrowers and lenders benefit from direct interest rates.
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